The choice to buy a home is exciting and a key investment for your future. Because there is only so much of it to go around, real estate is the top choice for many investors and the need for most families. This blog is designed to show some of the many paybacks of home ownership and how buying a home can often turn the American Dream into a reality.
One of the most moneymaking markets in real estate is rentals, which means that many families are paying to live in a home that isn't their own. In some cases, renting a home is needed. For all others, the money that would be spent on rent could instead be used to pay a mortgage. In fact, monthly rent payments often surpass that of a typical mortgage payment. One of the greatest benefits of home ownership is putting money into something that you can call your own and knowing that the monthly payments are going toward your home's equity.
Speaking of equity, many properties experience a development in value as more development moves into the area or the economy reinforces through an increase in job opportunities. If this happens, home values rise and owners can bask in the glory of their newfound profit. When you purchase a new car, it devalues the moment that you drive off of the lot. When you buy a home, however, it has the possibility to appreciate year after year. There are few things in life that can offer you a return above and beyond your original purchase price, but a home can.
When you own a home, you will enjoy the liberty of decorating and making any upgrades that you choose without needing the permission of a landlord or property owner. In addition, you may even be able to use your home's equity to finance some needed upgrades and/or repairs. In some cases, these changes may even increase the value of your home. An upgraded kitchen or bathroom, hardwood flooring or an additional room are examples of changes that could result in added value.
Another advantage of home ownership is the tax benefits that are offered. The interest paid on a home mortgage as well as most property taxes paid are tax deductible. For additional information on deducting mortgage interest and property tax, consult the IRS or a tax professional.
In addition to providing yourself and your family with a feeling of stability, home ownership can also help support your credit profile through timely mortgage payments and a steady financial history.
Here are some other benefits you can get from owning a home:
Improved children’s educational achievement. Families who own a home tend to be more financially stable, creating opportunities for parents to focus on positive parenting behavior that can lead to improved educational outcomes.
Improved civic participation. Homeowners have a great financial stake in their neighborhoods, leading them to volunteer more and be more politically active.
Improved health outcomes for families. Homeowners tend to report greater happiness and more control over their lives, leading to better physical and psychological health. Owner-occupied housing also tends to be better maintained than rental housing, leading to improved safety and health.
Reduced neighborhood crime rates. Because crime rates can negatively impact property values, homeowners have more incentive to create and participate in voluntary crime prevention programs.
There are many reasons that owning a home makes sense. The financial reasons are powerful. It is up to you what would be your next step.
Author:Kimberly Tapscott Phone: 203-252-8327 Dated: June 11th 2015 Views: 204 About Kimberly: ...
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I am a Native Stamford resident offering you the service you deserve!
Born and raised in Stamford, I provide my buyer clients with in-depth market knowledge. My seller clients enjoy both traditional and practical marketing knowledge which helps them achieve the ultimate goal - a sale!
For buyers, my in-depth research and analysis is available to you as a resource during the home buying process. No stone is left unturned for your transaction. "For Buyers, whether it's the first, second or third home, my role is to provide guidance and counsel to make sure that the transaction is handled with ease".
"For Sellers, my number one goal is to get your home sold for the most money and in the quickest amount of time. In both cases, while catering to your needs I manage the transaction with the least amount of stress for you.
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""Kimberly was AMAZING! She was very professional and extremely patient with us during the entire process. From the very beginning Kimberly always treated us as a priority even on her busiest days. She was always there to answer ALL of our questions and never got frustrated with us. No matter what we encountered she assured us that our home was out there waiting for us and we would find it! Kim is amazing and we highly recommend her! As first time home owners we could not have asked for a better realtor. She listened to our needs and never tried to persuade us from them. We are so grateful for Kimberly’s help with finding our new home!""